Mutual fund Fidelity, which owns stake in social media platform, marks down value of its shares in disclosure obtained by Axios

The social media platform X has lost 71% of its value since it was bought by Elon Musk, according to the mutual fund Fidelity.

Fidelity, which owns a stake in X Holdings, said in a disclosure obtained by Axios that it had marked down the value of its shares by 71.5% since Musk’s purchase.

Musk acquired Twitter for $44bn in October 2022 and renamed the platform X in July 2023. Fidelity’s estimate would place the value of X at about $12.5bn.

The number of monthly users of X dropped by 15% in the first year since Musk’s takeover amid concerns over a rise in hate speech on the platform.

  • Encrypt-Keeper@lemmy.worldEnglish
    1·
    10 months ago

    Not if somebody actually buys the box of dirt for $1 million. If the price sticker of $1 million doesn’t inherently assign it its value, then neither does the $20 price sticker on the meal.

    You could say what makes the meal worth $20 is the fact that somebody is willing to actually pay the $20, but then the box of dirt also has somebody willing to pay $1 million dollars for it.

    So if “worth” isn’t equal to the price tag, or what people are willing to pay for it, then what are you basing the worth on?